AGNT, Inc., the Bellingham, Wash.-based holding company that owns eXp Realty and was known as eXp World Holdings until rebranding earlier this year, reported record second-quarter 2026 revenue of $1.4 billion, up 11% from a year ago, according to an Aug. 4 earnings release. Executives credited rising agent productivity and new AI tools for the gains.
Adjusted EBITDA jumped 129% year over year to $25.7 million, from $11.2 million in the second quarter of 2025, a far steeper increase than the company’s revenue growth and a sign that its cost structure is scaling more efficiently as agent output rises.
The productivity gains were driven by what the company calls productivity per person, or PPP β the number of transaction sides an average agent closes. PPP averaged 5.5 for the quarter, up 6% year over year. That lifted total closed transactions 12% to more than 132,000 and pushed real estate sales volume up 15% to $60.5 billion.
AGNT’s agent count grew 6% year over year to 87,833, a figure that now includes roughly 4,900 agents brought on through the company’s acquisition of NextHome, which closed using cash on hand. The company said the deal expanded its offering to agents and added to its long-term growth pipeline while it maintained a debt-free balance sheet.
The results build on a broader push by eXp Realty and its rebranded parent to position itself as a technology-forward alternative to traditional brokerage models. eXp has long operated as a cloud-based brokerage without physical offices, and the company has increasingly leaned on artificial intelligence tools to help agents manage leads, transactions and client communication, part of an industry-wide shift as brokerages look to AI to offset rising costs and softer transaction volumes in parts of the housing market.
What it means
The 129% jump in adjusted EBITDA against an 11% revenue increase indicates AGNT is generating meaningfully more profit per transaction than it was a year ago, a signal that its scale and technology investments are beginning to show up on the bottom line rather than just the top line. That contrasts with the productivity struggles some competing brokerage models have faced amid a choppier housing market, and it comes as rival brokerages, including Keller Williams, have also been retooling leadership and technology to compete for agent market share.
The NextHome acquisition adds a franchise-style agent base to eXp’s traditionally virtual, commission-split model, giving AGNT a hybrid presence that could help it recruit agents who want brand flexibility alongside eXp’s cloud infrastructure. With the company debt-free and posting record cash generation, AGNT has room to keep investing in the AI tools and agent-productivity features it credits for this quarter’s results, though it will need to show the productivity gains are durable rather than a one-quarter blip as housing transaction volumes remain constrained by elevated mortgage rates nationally.
What to watch: whether PPP gains continue into the third quarter, historically a strong season for home sales, and whether AGNT discloses more detail on how AI tools are specifically driving agent output as it faces growing competition from tech-enabled rivals across the brokerage industry.
